The growth of the app market has provided more choice than ever before. Whether it's a choice of a game to play after hours or a productivity app to get more out of the working hours, there are choices aplenty to be had on every front. CFOs, meanwhile, are no different, and financial apps are rapidly growing in number. But which financial app is the right financial app? That's the question that CFOs, CIOs and the like are all asking.

When it comes to financial apps, there's a fine line to walk. Finance has a variety of subclasses to deal with, from cash management to accounts receivable to accounts payable and a host of other functions from there. It's not out of line for CFOs to believe that there's a tool for every solution, and given the sheer number of solutions that must be on hand, the necessary tools must be available. But CIOs, who keep eyes on things like the costs of licenses and issues of storage and the like, would rather see a few solutions that cover the waterfront. So best to split that difference?

The first point that can be undertaken is that the CFO needs to consider--almost on an IT level--how data flows through the department. How many essential items that should be available during reporting periods need modification on Excel spreadsheets, or need to be accessed by several different applications? If there are such items on hand, some refer to the condition of the data as having "data silos" or even "stove pipes." Inefficiencies are found in any system designed by human beings, but the larger the total of data silos and stove pipes around, the more the system can use modification.

But making the call at just what point the system is "broken", or too full of inefficiencies, can be difficult. It's not surprising that companies would gain app portfolios over the course of years, and as the larger buildup of the app market continues, the diffuse nature of most companies' app portfolios is clear. But the overall thrust of an app portfolio in the first place is to have a way to solve problems. Thus a business should consider what problems are being experienced, and look for new apps--or remove old apps--according to the capability to solve problems that those apps bring to the table. When a problem is identified at the CFO level, the CIO can then step in.

Once the issues go to the CIO, the CIO can examine the market to find out what apps are most likely to solve the CFO's problems, while at the same time keeping licenses and the accompanying expenses down to the best level for the business. However, the long-term savings may be offset by short-term gains in expenses, as expenses required to put these solutions in play emerge.

The key point here is one of cooperation. The financial arm of a company needs the tools that it needs to ensure that necessary functions take place to ensure transparency for regulators, shareholders and others. But the information technology arm of the company needs to be sure that the costs of providing these solutions are at an acceptable level while still providing the fullest range of solutions. It requires teamwork in an unexpected direction, but when finance and technology work together, the right financial apps for the job become clear. The right number, at the right time, all make for the company running just right.